3M Cos. (NYSE:MMM) said yesterday that it’s slimming its corporate profile by folding its safety and industrial segments together and announced a slew of changes to its executive roster.
The Twin Cities conglomerate said it plans to start reporting the move from five to four divisions – healthcare, safety & industrial, transportation & electronics and consumer – with its second quarter results.
“We are continuing to advance 3M into the future, and today’s actions will strengthen our ability to meet the fast-moving needs of our customers,” CEO Mike Roman said in prepared remarks. “Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.”
3M said its $7 billion healthcare business covers medical solutions, oral care, separation & purification sciences, health information systems, drug delivery systems and food safety. The company moved Mojdeh Poul from EVP of safety & graphics to EVP for healthcare effective April 1, replacing Michael Vale, who is now EVP of safety & industrial. Other changes include the retirement of industrial EVP James Bauman and consumer EVP Joaquin Delgado, the company said.
“Throughout their distinguished careers, Jim and Joaquin have built and led businesses, developed others and created tremendous value for our customers. On behalf of all 3Mers, I thank Jim and Joaquin for their contributions, and wish them well in the future,” Roman said. “3M has a highly talented and diverse group of leaders, and today’s appointments position us well for the future. I have confidence in each of these leaders as they take on new and expanded roles, and look forward to working with them to create greater value for customers, shareholders and 3M.”
MMM shares closed up 0.2% at $208.49 apiece yesterday.
